Committee Warms Up To Adelphia’s Exit Plan

Law360, New York (December 15, 2006, 12:00 AM EST) -- A group of lenders has decided to make peace with bankrupt Adelphia Communications Corp. by switching its vote to support the cable provider’s Chapter 11 reorganization plan.

The committee, made up of 48 non-agent secured lenders that hold $2.2 billion in debt, submitted an emergency request on Wednesday in the U.S. Bankruptcy Court for the Southern District of New York to change the lenders’ votes from “no” to “yes” after determining that the plan offers them a better recovery on their claims.